Guru Investment Theses on H.B. Fuller Company

Bill Frels Comments on H.B. Fuller - Jun 25, 2014

Packaging and adhesive manufacturer H.B. Fuller (FUL) also disappointed, declining 7.23% due to weak revenue in Europe and slower than expected sales growth in the Americas. This company, along with Emerson Electric Company (EMR), which also detracted from the portfolio, was affected by the market’s rotation out of industrials stocks.

Packaging and adhesive manufacturer H.B. Fuller (FUL) also disappointed, declining 7.23% due to weak revenue in Europe and slower than expected sales growth in the Americas. This company, along with Emerson Electric Company (EMR), which also detracted from the portfolio, was affected by the market’s rotation out of industrials stocks. Read more...

Business Description

H.B. Fuller Company, founded in 1887 and incorporated as a Minnesota corporation in 1915. The Company is a formulator, manufacturer and marketer of adhesives, sealants, paints and other specialty chemical products. It operates in approximately 40 countries in North America, Europe, Latin America, the Asia Pacific region, the Middle East and Africa. The Company operates its business in four segments - Americas Adhesives, Construction Products, EIMEA (Europe, India, Middle East and Africa) and Asia Pacific The North America Adhesives, EIMEA, Latin America Adhesives and Asia Pacific operating segments produce and supply industrial adhesives products for applications in various markets including assembly (appliances, filters, construction, etc.), packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, durable and non-durable goods, etc.), converting (corrugation, tape and label, paper converting, envelopes, books, multi-wall bags and sacks), nonwoven and hygiene (disposable diapers, feminine care, medical garments, tissue and towel), performance wood (windows, doors, wood flooring) and textile (footwear, sportswear, etc.). The North America Adhesives operating segment includes a range of specialty adhesives such as thermoplastic, thermoset, reactive, water-based and solvent-based products. Sales are made mainly through a direct sales force with a smaller portion of sales through distributors. The Construction Products operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers, levelers, etc.), heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings, block fillers, etc.). Construction product sales are made through a direct sales force, distributors and retailers. The EIMEA operating segment is comprised of an adhesives components same as the North America Adhesives operating segment. EIMEA adhesives sales are made through both a direct sales force and distributors. The Latin America Adhesives operating segment is similar to that of the North America Adhesives operating segment and sales are made mainly through a direct sales force. The Latin America Paints operating segment has a market position in Central America under the Glidden and Protecto brands. Paint sales for residential and commercial applications (architectural, marine, highway safety, etc.) are made mainly through distributors and its network of retail stores located throughout Central America. The Asia Pacific operating segment is similar to that of the North America Adhesives operating segment, with one exception. The Asia Pacific operating segment also includes caulks and sealants for the consumer market, sold through retailers. Other adhesives sales are made through a direct sales force and distributors. The Company's customers include manufacturers of food and beverages, hygiene products, clothing, appli

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